Oireachtas Joint and Select Committees

Thursday, 15 December 2022

Public Accounts Committee

2021 Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 13 - Office of Public Works
Chapter 8 - Contract payments in respect of Convention Centre Dublin

9:30 am

Mr. Seamus McCarthy:

Exactly. Therefore, there are these risks. In risk-sharing in PPPs and so on, a distinction is made between general risks, such as those associated with tax going up across the board, and a specific policy change or Government change directed at a specific project. This is a general risk and there is force majeure clause in the contract, but it does not refer to medical emergencies. It does not make an exclusion in relation to something like a pandemic. It was a general risk that was being carried by the company. The overall projected receipt by the company over the 35 years is currently over €760 million.

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